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not a hysterical deficit hawk but a deficit hawk. >> rose: you will become a deficit hawk when we have a strong economy. define for you a strong economy. is that g.d.p. growth of 4%? >> it's not growth. unemployment rate low enough that the fed is interesting rates to head off inflation. as soon as we're out of the liquidity trap where the fed has got its pedal to the metal. >> rose: so when the fed raises the interest rates to avoid inflation that's when the economy is good shape? >> no, that's when you can make a deal. the fed will hold off on the interest rate hikes. that way it doesn't depress the economy. >> you would start dealing with the debt immediately. you would go in and fix entitlement reform. yes? what would you do immediately to the debt? >> you want to get the parties talking. you want to get the white house, you want to get congress talking and talk about what's going to have to be done to address medicare, to address medicaid, to address social security which is less of a problem. and my belief is -- my concern about the crisis-- like bob rubin said, you never know wh
not a hysterical deficit hawk but a deficit hawk. >> rose: you will become a deficit hawk when we have a strong economy. define for you a strong economy. is that g.d.p. growth of 4%? >> it's not growth. unemployment rate low enough that the fed is interesting rates to head off inflation. as soon as we're out of the liquidity trap where the fed has got its pedal to the metal. >> rose: so when the fed raises the interest rates to avoid inflation that's when the economy is good...
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Jul 24, 2010
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project to cut this deficit, or at least to get it to a manageable size. some people are saying -- the question is: when is it safe to start cutting the deficit. some people are saying when the economy is as fragile as it is right now, we should wait a couple of years. and even ben bernanke said in testimony this week, make wait a few weeks to cut on it. when will the economy be strong enough to cut deficits. should we get going on it right now? >> we should get going right now. we should have a plan. that's what this commission is for, to give the president and the congress a plan for cutting the deficit. now, that will be a long-run plan. what are we going to do to reduce the rate of spendi and get more revenues over the next 10 or 15 years. and it should be enacted enacted soon so people know that it is serious. but it doesn't have to derail the recovery. nobody in their right mind, i think, would want the deficit to plunge right now by actions of congress to cut spending drastically, or to raise taxes. >> susie: all right. >> because that would derail
project to cut this deficit, or at least to get it to a manageable size. some people are saying -- the question is: when is it safe to start cutting the deficit. some people are saying when the economy is as fragile as it is right now, we should wait a couple of years. and even ben bernanke said in testimony this week, make wait a few weeks to cut on it. when will the economy be strong enough to cut deficits. should we get going on it right now? >> we should get going right now. we should...
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we want to bring these deficits down. we want to get them to a level where we can stabilize the debt and get it on a downward path as a percent of g.d.p. so america can compete in this new knowledge-based global economy. >> darren: for all the gloom and doom over the fiscal cliff, there are some people in washington who are still hunting the grand bargain. that's a big deal to raise some revenues and cut some spending and get our budget in line or at least into manageable shape. and for all the talk about the fiscal cliff, there's still optimism 2013 will be the year we bag a bargain. on wall street, the say the best time to buy is when the brokers are crying in their beer. when everyone else has given up hope. when all looks lost. which may explain why analysts like andy laperriere think 2013 will be a big year. >> when you start adding these things up-- the debt ceiling has to be increased, the sequester has to be dealt with. the bush tax cuts have to be dealt with. i don't think you can pass a package that deals with a
we want to bring these deficits down. we want to get them to a level where we can stabilize the debt and get it on a downward path as a percent of g.d.p. so america can compete in this new knowledge-based global economy. >> darren: for all the gloom and doom over the fiscal cliff, there are some people in washington who are still hunting the grand bargain. that's a big deal to raise some revenues and cut some spending and get our budget in line or at least into manageable shape. and for...
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Nov 22, 2010
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had nothing to do with creating the deficit. and therefore that the solutions that cut further into the middle class which has seen no increase in their wealth over the last practically two decades, that we ought to get the money and reduce the deficit from things like raising revenue, mainly on wealthier, the wealthier americans. we can make serious cuts in the defense budget. mine are only about 10% greater than the bowles hfer simpson plan, and that we can look at some of these tax expenditures. those are things like deductions in tax credits, again mostly skewed toward wealthy americans. and make some serious cuts there. by doing that, i am able to achieve primary budget balance. that means we can have a balanced budget by 2015, primary means we don't count the interest on the debt. and we can do it in a progressive way if it doesn't hurt middle income people. >> rose: how would you characterize the work of the commission per se as a member? >> well, first of all, let me just also point out that the bowles hferp simpson prop
had nothing to do with creating the deficit. and therefore that the solutions that cut further into the middle class which has seen no increase in their wealth over the last practically two decades, that we ought to get the money and reduce the deficit from things like raising revenue, mainly on wealthier, the wealthier americans. we can make serious cuts in the defense budget. mine are only about 10% greater than the bowles hfer simpson plan, and that we can look at some of these tax...
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Dec 1, 2010
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>> the era of deficit denial is washington is over. this deficit and debt is a cancer, and it will destroy our country from within. >> tom: sobering remarks from the co-chair of the president's deficit commission. he's calling for washington lawmakers to work together. >> susie: so is president obama. he met with congress' new republican leaders today on the agenda, tax cuts, and spending priorities. you're watching "nightly business report" for tuesday, november 30. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. what will happen to your taxes? and is the government ready to rein in the massive deficit? susie, there was a lot of talk about those two topics in washington today. >> susie: tom, president obama met with congressional republican leaders at the white house today to discuss what to do
>> the era of deficit denial is washington is over. this deficit and debt is a cancer, and it will destroy our country from within. >> tom: sobering remarks from the co-chair of the president's deficit commission. he's calling for washington lawmakers to work together. >> susie: so is president obama. he met with congress' new republican leaders today on the agenda, tax cuts, and spending priorities. you're watching "nightly business report" for tuesday, november 30....
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run our big deficits? >> one interpretation is that china is basically lending us the money to buy stuff from them. >> reporter: now at this point we could run a montage of soundbites from politicians and even some economists about what a huge problem this is. more graphic and succinct is this futuristic fear video gone viral. >> reporter: it's about the rise of china, the decline and fall of great empires. they overspent, says the chinese professor, and went into debt. the most recent great debtor: america. >> reporter: that's one view of the chinese, but they say they're just being prudent. controlling their currency to keep what professor huang calls hot money from overheating their economy. >> hot money, money that goes back and forth very, very quickly. if you look at the u.s., the interest rates here are very, very low, the japanese interest rates are very, very low. this money needs to find a home, to park, to generate higher returns. >> reporter: okay, so lots of hot money rushes in to china, so wh
run our big deficits? >> one interpretation is that china is basically lending us the money to buy stuff from them. >> reporter: now at this point we could run a montage of soundbites from politicians and even some economists about what a huge problem this is. more graphic and succinct is this futuristic fear video gone viral. >> reporter: it's about the rise of china, the decline and fall of great empires. they overspent, says the chinese professor, and went into debt. the...
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deficit with china and a trade deficit with our ally? >> i think that, from a pure economic point of view, they're the same, 'cause it's basically offshore jobs, factories, and wealth. and wealth -- don't forget that. 'cause when we ship off half-a-trillion dollars a year in the form of a trade deficit -- right? -- that money doesn't stay over there. it comes back and buys up our assets. it's like this giant reverse mortgage in the sky. and that's got to stop. >> you know this because you're a phd economist, that you, that you, amongst your peers, are an outlier in this view about trade deficits mattering and that most economists will say, "but as long as the united states currency remains the global reserve currency, trade deficits don't matter for the united states." >> trade deficits that are chronic and persistent, like the united states have, are extremely harmful, 'cause they basically transfer wealth abroad. they basically transfer factories abroad. they transfer jobs. >> and they increase -- >> and they depress wages. >> but they
deficit with china and a trade deficit with our ally? >> i think that, from a pure economic point of view, they're the same, 'cause it's basically offshore jobs, factories, and wealth. and wealth -- don't forget that. 'cause when we ship off half-a-trillion dollars a year in the form of a trade deficit -- right? -- that money doesn't stay over there. it comes back and buys up our assets. it's like this giant reverse mortgage in the sky. and that's got to stop. >> you know this...
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the biggest deficit reface is a jobs deficit. tavis: how do you feel being on the committee? it is focused on deficit reduction. we ought to be talking about jobs. >> think about it. how do you best get us out of this economical? putting 15 million americans back to work. if they are paying taxes, the treasury -- the best way to get us back in the black is to get america back to work. tavis: how is your focus on the super committee at deficit- reduction helping the jobs deficit that we have right now? >> you can make sure that you target the right things to get the economy going again. many of us do not believe that the way you get jobs back and the way you get the deficits reduced is to make devastating cuts to services right now. what you do is you -- we have already done $900 billion worth of cuts already. you do not do it where you were shaking off the bone. you make its strategic said that what you can do is repair roads and bridges. get the schools back in order. some good american jobs to be credited you get that school retrofitted again. the soldier never eats the mea
the biggest deficit reface is a jobs deficit. tavis: how do you feel being on the committee? it is focused on deficit reduction. we ought to be talking about jobs. >> think about it. how do you best get us out of this economical? putting 15 million americans back to work. if they are paying taxes, the treasury -- the best way to get us back in the black is to get america back to work. tavis: how is your focus on the super committee at deficit- reduction helping the jobs deficit that we...
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Nov 17, 2010
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or deficit? did this group or did the domenici group, the rivlin group did pete peterson's group, you get into... it's my experience to get into percentage and so on. we're just telling them, look, it's unsustainable, you better get in and get wet all over. we have to touch every single segment of american ciety and so far the public is hearing it but when you have 12 of those 18 of us who are members of congress, it is to s.u.v. for them. >> rose: so tell me how you two made your decisions about tax cuts versus spending cuts? >> we listened. we think we have the problems bigger on the spending side than it is on the revenue side. we then tried to look not at just hard numbers but tried to figure out what we could really cut. as an example, as al was mentioning earlier, we've made $163 billion of cuts in discretionary budget in the year 2015. the president gave us a goal to get to 3% of g.d.p., we actually got to 2.2% of g.d.p. but in that $163 billion of the cuts we've recommended, we have $200
or deficit? did this group or did the domenici group, the rivlin group did pete peterson's group, you get into... it's my experience to get into percentage and so on. we're just telling them, look, it's unsustainable, you better get in and get wet all over. we have to touch every single segment of american ciety and so far the public is hearing it but when you have 12 of those 18 of us who are members of congress, it is to s.u.v. for them. >> rose: so tell me how you two made your...
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we want to get the deficits down, get the deficits paid off. under our bill not only do we end up balancing the budget, we pay off the debt itself. it takes time, but we do that under the c.b.o.oas analysis of the president's budget, he doubles our publicly held debt by the end of his first term, his term, and then he triples it by the end of his budget wind pt the president doesn't come anywhere close going to the deficits down to what they rate as a sustainable level let alone get the deficit under control, the debt under control. you've got to remember, charlie, today's high deficits and debt mean to entrepreneurs and businesses and job creators more tax increases and higher interest rates tomorrow. so showing that we're not getting this under control shows the economy that it's going to be an ugly road, don't invest in the future, don't win the future. we've got to show that we're getting these deficits and debt under control, which are difit driven high by spend sewing we can get job creation today. spending cuts and deficit reduction is g
we want to get the deficits down, get the deficits paid off. under our bill not only do we end up balancing the budget, we pay off the debt itself. it takes time, but we do that under the c.b.o.oas analysis of the president's budget, he doubles our publicly held debt by the end of his first term, his term, and then he triples it by the end of his budget wind pt the president doesn't come anywhere close going to the deficits down to what they rate as a sustainable level let alone get the deficit...
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Sep 11, 2010
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for cutting the deficit cannot be faulted. though fortune may favor the brave, it can trip up the headstrong. debate rages not only britain over whether it makes economic sense to fight, to tighten fiscal policy so much so fast, and austerity plans may not be achievable without ripping vital public services to shreds. how do you define where that point is. >> nass's what we've got to avoid. and i think it perfectly possible in a countries that's frankly been overspending over the last decade to find savings. to undertake reforms. to actually improve the quality of the services that people receive. and i refuse to accept that you can't make those savings at the first thing that suffers is the service that people provide. >> rose: can you assure the citizens of britain that those vital services they need will not be -- >> i can absolutely-- . >> rose: i can absolutely assure the people of britain that they will get the health care, the education, the policing services that we need in the 21st century and that i believe the servi
for cutting the deficit cannot be faulted. though fortune may favor the brave, it can trip up the headstrong. debate rages not only britain over whether it makes economic sense to fight, to tighten fiscal policy so much so fast, and austerity plans may not be achievable without ripping vital public services to shreds. how do you define where that point is. >> nass's what we've got to avoid. and i think it perfectly possible in a countries that's frankly been overspending over the last...
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they basically don't solve the deficit. you did that once. an excellent idea. give people a spreadsheet. >> thank you, yes. >> pull these and see. >> if you tell them and give them restrictions you say well you can't just leave taxes where they are and you can't cut taxes you have to do a mix then people do -- i agree there's a huge role for education and information in all of this. >> rose: the e book as i said by david is called washington can solve the deficit and spur growth. dean of the columbia business school chair of economic advisors. captioning sponsored by rose communications captioned by media access group at wgbh access.wgbh.org captioning sponsored by wpbt >> this is n.b.r. >> susie: good evening, everyone. i'm susie gharib. tom's off tonight. americans are waiting to hear from president obama as he gives his state of the union speech. we look at his jobs plan and what wall street wants to hear from the president. and currency wars: g-7 countries say they're looking to boost their local economies, but critics
they basically don't solve the deficit. you did that once. an excellent idea. give people a spreadsheet. >> thank you, yes. >> pull these and see. >> if you tell them and give them restrictions you say well you can't just leave taxes where they are and you can't cut taxes you have to do a mix then people do -- i agree there's a huge role for education and information in all of this. >> rose: the e book as i said by david is called washington can solve the deficit and...
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more so than the deficit. that's what i want to do between now and the next election. >> you increase wages and salaries by 1% and you have $15 billion more in the federal treasury. so if more people are working, more people are paying taxes. the most important thing is to get more people working in america today. there are 25 million americans who are looking or don't have a full time job. >> charlie: how would you nd jobs for them. >> i would the following, charlie. i would say to every company in america, if you hire additional workers and don't lay any off, that the federal government will pay 20% of the salary wage compensation of ose workers. and will be done on a first come first serve basis. and so that means if you're a company, you will hire another worker only if you think it can add productivity because you're going to pay 80%. do you know what, if nobody shows up, we're not worse off than we are now and we won't spend any taxpayer money doing it. i think this is the most targeted approach to get m
more so than the deficit. that's what i want to do between now and the next election. >> you increase wages and salaries by 1% and you have $15 billion more in the federal treasury. so if more people are working, more people are paying taxes. the most important thing is to get more people working in america today. there are 25 million americans who are looking or don't have a full time job. >> charlie: how would you nd jobs for them. >> i would the following, charlie. i would...
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andrea: there were a number of senators who had been such deficit hawks, life-long deficit talks, and they're facing credibility problems because they've embraced this now. i think they've wanted to get something done. otherwise, they had nothing to point to, as unpopular as it is in the polling, they think they can sell it. the president thinks he can sell it. call it a middle class tax cut and people will feel something initially in their pockets but the in fact is will go away and the corporate tax cut is permanent, down to 21% -- which is blindingly shocking because the corporate world wasn't even asking for 21%. none of the big corporations were paying 37% and they were expecting maybe 29%, but not expecting 21%. it's a real golden opportunity for big business. yamiche: when i was thinking about this tax cut being passed, i started thinking back to all the trump voters i talked to, some who voted for obama and switched to donald trump. the main mentions they gave to me was i want my life to be better, i want my job to come back, i want my family to feel as though the government u
andrea: there were a number of senators who had been such deficit hawks, life-long deficit talks, and they're facing credibility problems because they've embraced this now. i think they've wanted to get something done. otherwise, they had nothing to point to, as unpopular as it is in the polling, they think they can sell it. the president thinks he can sell it. call it a middle class tax cut and people will feel something initially in their pockets but the in fact is will go away and the...
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we ended up moving from surplus to deficits. and it all culminated in the worst financial crise since the great depression. bill clinton tried the approach that i'm talking about. we created 23 million new jobs. we went from deficit to surplus, and businesses did very well. so in some ways, we've got some data on which approach is more likely to create jobs and opportunity for americans and i believe that the economy works best when middle-class families are getting tax breaks so that they've got some money in their pockets, and those of us who have done extraordinarily well because of this magnificent country that we live in, that we can afford to do a little bit more to make sure we're not blowing up the deficit. >> jim, the president began this segment, so i think i get the last word, so i'm going to take it. >> lehrer: you're going to get the first word in this segment. >> let me just make this comment-- let me repeat what i said. i'm not in favor of a $5 trillion tax cut. that's not my plan. my plan is not to put in place a
we ended up moving from surplus to deficits. and it all culminated in the worst financial crise since the great depression. bill clinton tried the approach that i'm talking about. we created 23 million new jobs. we went from deficit to surplus, and businesses did very well. so in some ways, we've got some data on which approach is more likely to create jobs and opportunity for americans and i believe that the economy works best when middle-class families are getting tax breaks so that they've...
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ready to cut its huge deficit? even the president's special deficit commission can't seem to agree. the group released today a sweeping plan that could change the way the u.s. spends money and collects taxes. now while there's heated debate about what to do, darren gersh reports on what the deficit- cutting measures could eventually mean for you. >> reporter: let's start with investors. if you own a stake in companies that do a lot of business with uncle sam-- think defense contractors, health care providers, consultants, telecom companies-- you should know a very big corporate client is about to go into a couple decades of budget lockdown. maybe not in the next year or two, but soon and for a long time. and now taxpayers: the deficit commission recommends a bunch of tax changes. though they dropped an earlier plan to eliminate the mortgage interest deduction, something dean baker says is clearly a favorite target for budget cutters. >> if they do end up changing it, what they will likely do is put in a cap and instead of being a deduction-- so if i am in the 39% bracket, i save 39%
ready to cut its huge deficit? even the president's special deficit commission can't seem to agree. the group released today a sweeping plan that could change the way the u.s. spends money and collects taxes. now while there's heated debate about what to do, darren gersh reports on what the deficit- cutting measures could eventually mean for you. >> reporter: let's start with investors. if you own a stake in companies that do a lot of business with uncle sam-- think defense contractors,...
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this and deficit and tax reform which i hope to work o. all of those have to look at how do we create jobs and get the economy moving again. unemployment is far too high. the economy is anemic. these are steps in trying to get a jobs agenda >> woodruff: you're going to get the democratic majority because the president -- nobody believes the president would sign that even if it were passed by the congress. so there's discussion among republicans about defunding health care. how far along the road are those talks? >> i think those are -- that's obviously one path to take. we also need to look at parts of the health care bill, and the courts will have a say in the health care bill. we need to do everything we can to stop a bill that actually increases health care costs, costs jobs and increases the deficit. that's a problem. and the american people spoke loudly on that issue in the election, and that's why we're moving forward the way we are >> woodruff: and finally, mr. chairman, tax reform. you worked closely with the bush administratio the
this and deficit and tax reform which i hope to work o. all of those have to look at how do we create jobs and get the economy moving again. unemployment is far too high. the economy is anemic. these are steps in trying to get a jobs agenda >> woodruff: you're going to get the democratic majority because the president -- nobody believes the president would sign that even if it were passed by the congress. so there's discussion among republicans about defunding health care. how far along...
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in terms of the size of the deficit. now what the president is willing to do is willing to have a bipartisan discussion around social security. but it won't be privatizing security in the way that romney and ryan have proposed in the past it will be a bipartisan effort that is balanced, that protects seniors in a way that kports with our values and who we are. >> rose: most people believe this election is very close and will remain so until you get to 9 debates and forward to see if someone breaks out is that your analysis. >> absolutely. i have been saying this for a year. the country is evenly divided. it's going to be a very close election. you see we're leading in 12 of 13, maybe all 13 or certainly within the margin of error in all 13 states. the democrats are leading. but it's-- very, very close. they have super pacs that are anonymous. but we're talking 1.3 billion dollars that they're expected to raise. and as you saw, as we've seen in their commercials, the welfare commercials an example, they don't let the troo
in terms of the size of the deficit. now what the president is willing to do is willing to have a bipartisan discussion around social security. but it won't be privatizing security in the way that romney and ryan have proposed in the past it will be a bipartisan effort that is balanced, that protects seniors in a way that kports with our values and who we are. >> rose: most people believe this election is very close and will remain so until you get to 9 debates and forward to see if...
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debt and deficit are unsustainable but this is not the way to do it. >> the problem is not the deficit, which is the difference between overspending and the overtaxing but rather the overspending is the problem. gwen: and more post election fallout. who will lead the house democrats? will michael steele survive at the republican national committee? traveling abroad, the president encounters skepticism on trade, currency and america's leadership role in the world. >> instead of hitting a home run, sometimes we're going to hit singles but they're really important singles. gwen: while at home, a former president tries to redefine his legacy. >> was there ever any consideration given to apologizing to the american people? >> apologizing would basically say the decision was the wrong decision, and i don't believe it was the wrong decision. gwen: making and writing history. we look at the week with jackie calmes of "the new york times," naftali bendavid of "the wall street journal," toll gjelten of n.p.r. and martha raddatz of abc news. >> live from our nation's capital this is "washington w
debt and deficit are unsustainable but this is not the way to do it. >> the problem is not the deficit, which is the difference between overspending and the overtaxing but rather the overspending is the problem. gwen: and more post election fallout. who will lead the house democrats? will michael steele survive at the republican national committee? traveling abroad, the president encounters skepticism on trade, currency and america's leadership role in the world. >> instead of...
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deficits. steve liesman explains. >> thank you very much, everybody. >> reporter: president-elect donald trump has defied the odds so much that betting against him seems like a quick way to the poor house. when it comes to his plans to enact a multitrillion dollar tax cut and massive spending programs, the question is whether the deal-maker can take on one of the oldest foes in washington, the national debt and the deficit. >> we're looking at a potential reality that a fiscal deficit will be 1 to $1.5 trillion a year for the next four years. $586 billion last year. and somebody has to buy that debt. >> reporter: the public no longer ranks the deficit as a major issue the way it did in 2013. that gives trump somely way. politicians obvious sich sides when they're in power so democrats could become deficit hawks and tea party members might become doves. >> a president has a lot of political capital and may be enough to erase fears for a year, maybe two. but once you get into the latter part of a
deficits. steve liesman explains. >> thank you very much, everybody. >> reporter: president-elect donald trump has defied the odds so much that betting against him seems like a quick way to the poor house. when it comes to his plans to enact a multitrillion dollar tax cut and massive spending programs, the question is whether the deal-maker can take on one of the oldest foes in washington, the national debt and the deficit. >> we're looking at a potential reality that a fiscal...
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it certainly wouldn't be the right way to deal with budget deficits. but it would sure be the washington way. i'm allan sloan. >> tom: that's "nightly business report" for wednesday, october 20. i'm tom hudson. good night everyone, and good night to you too, susie. >> susie: good night tom. i'm susie gharib. goodnight everyone, we hope to see all of you again tomorrow night. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> more information about investing is available in "nightly business report's" video "stock market strategies". to order this dvd, call 1-800- play-pbs or visit online at shoppbs.org. >> the following kqed production was produced in high definition. >> this time on spark -- the san francisco ballet turns 75, and celebrates with an ambitious festival of world premiere dances by cutting edge choreographers. >> go! >> narrator: behind the scenes with mark morris, m
it certainly wouldn't be the right way to deal with budget deficits. but it would sure be the washington way. i'm allan sloan. >> tom: that's "nightly business report" for wednesday, october 20. i'm tom hudson. good night everyone, and good night to you too, susie. >> susie: good night tom. i'm susie gharib. goodnight everyone, we hope to see all of you again tomorrow night. "nightly business report" is made possible by: this program was made possible by...
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as chancellor he has launched an ambitious program to reduce britain's soaring deficit. we have looked at that this week in our conversation and here are some of the people's reaction to what this government is trying to do to reduce the deficit. >> if you want to look at radical ideas about what to do about the state, or radical ideas in terms of deficit cutting, you are suddenly looking at britain. i think britain is interesting in that way. >> rose: what are the radical ideas. >> there are two, partly one is just the savagery what they are doing. they are cutting on a scale unlike any other, you know, cutting 20% out of most departments. that is a lot to take out. they've exempted health and that's going to be enormously difficult. >> rose: in u.s. they are not just cutting fat they are cutting to the muscle. >> they are cutting it back in a big way. >> they have to do two things, make the case for paring back and cutting back in public spending without cuting the roots of future economic growth in this country. therefore, focus on your priorities. don't just take out
as chancellor he has launched an ambitious program to reduce britain's soaring deficit. we have looked at that this week in our conversation and here are some of the people's reaction to what this government is trying to do to reduce the deficit. >> if you want to look at radical ideas about what to do about the state, or radical ideas in terms of deficit cutting, you are suddenly looking at britain. i think britain is interesting in that way. >> rose: what are the radical ideas....
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so we have to get the deficit down. it's adding each year to our debt and turn the corner and people can see we'll be heading in the right direction. absolutely i want that debt-to-g.d.p. ratio falling. >> rose: in that period, until you get it to start to fall, do you believe you can have growth, or are you simply looking at markets as an indication of your success? >> we absolutely want growth. we want -- >> i know you want it but do you believe you can achieve it? >> if you go on the last set of forecasts i published, the end of the november, so take into account i have to produce forecasts in a week's time, but if you look at the last set of forecasts, they did forecast growth in each year. they forecast that britain would avoid a recession. that has been our forecast. and they also forecast in the years ahead falling unemployment. so what i would say is of course we want economic growth. and there are things you can do to make britain more entrepreneurial, things you can do to support the private sector, things we'
so we have to get the deficit down. it's adding each year to our debt and turn the corner and people can see we'll be heading in the right direction. absolutely i want that debt-to-g.d.p. ratio falling. >> rose: in that period, until you get it to start to fall, do you believe you can have growth, or are you simply looking at markets as an indication of your success? >> we absolutely want growth. we want -- >> i know you want it but do you believe you can achieve it? >>...
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this isn't the solution to our deficit»ei]7nñ problem. instead the solution lies with social security, medicare, medicaid, the new affordable care act--. >> brown: why? why take revenues off the table? >> again, the president's own commission said the route to higher revenues is through tax reform. the president did mention tax reform and i thought that was one of the good pieces of this speech, but the notion that you can somehow take 2% of the americans and solve the largest national problem we have is just not going to add up. >> brown: paul krugman? >> well, look, the proposal called for raising revenue through not-- through allowing those top-end tax cuts to expire and closing of loopholes, the ending of exemptions. that's a little squishy but not remotely as squishy as what we saw last week. last week we saw a plan that not only proposed to make the tax cuts permanent but propose $3 million in more tax cuts. there is a bit of an asterisk in this but it's a tiny one compared to what we saw from the other side. it's much more congress
this isn't the solution to our deficit»ei]7nñ problem. instead the solution lies with social security, medicare, medicaid, the new affordable care act--. >> brown: why? why take revenues off the table? >> again, the president's own commission said the route to higher revenues is through tax reform. the president did mention tax reform and i thought that was one of the good pieces of this speech, but the notion that you can somehow take 2% of the americans and solve the largest...
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we agree on a $4 trillion objective for reducing the deficits. we agree we need to bring them down in a way that allows us to start to pay down our debt burden. we have big disagreements on how to do it, but that's a good place to start and we can take advantage of this opportunity to get the congress to lock itself into a set of constraints to live within our means that would be an enormously positive accomplishment. it would be very helpful for recovery, make americans more confident washington can work and, again, listening to people talk, look carefully. people have to say a bunch of things as politician bus if you listen carefully to what they're saying, i'd say optimistic. >> lehrer: i was listening carefully to what the president said. he said there is no way he is going to permit the taxes for the wealthy, for the upper income group in america, to get a tax cut. period. he said it twice. no way. and the republicans said just the opposite. "we will never support anything that has to do with raising taxes." now what did i miss? >> well, you
we agree on a $4 trillion objective for reducing the deficits. we agree we need to bring them down in a way that allows us to start to pay down our debt burden. we have big disagreements on how to do it, but that's a good place to start and we can take advantage of this opportunity to get the congress to lock itself into a set of constraints to live within our means that would be an enormously positive accomplishment. it would be very helpful for recovery, make americans more confident...
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unveils his plan to trim the deficit and boost the economy. treasury secretary timothy geithner joins us to explain why it's good for the economy. it's "nightly business report" for monday, september 19th. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> susie: good evening everyone. tom hudson is on assignment. president obama today unveiled a plan to cut the nation's deficit by $3.5 trillion over the next decade. almost half of that will come from tax increases, including a new tax on millionaires. we'll get analysis from two u.s. treasury secretaries, past and present-- timothy geithner and former secretary george shultz. but first, the president's latest proposal to get america's economy back on track. >> this is not class warfare, it's math. the money is going to have to come from someplace. >> one place is by closing corporate tax loopholes.
unveils his plan to trim the deficit and boost the economy. treasury secretary timothy geithner joins us to explain why it's good for the economy. it's "nightly business report" for monday, september 19th. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> susie:...
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they basically don't solve the deficit. you did that once. an excellent idea. give people a spreadsheet. >> thank you, yes. >> pull these and see. >> if you tell them and give them restrictions you say well you can't just leave taxes where they are and you can't cut taxes you have to do a mix then people do -- i agree there's a huge role for education and information in all of this. >> rose: the e book as i said by david is called washington can solve the deficit and spur growth. dean of the columbia business school chair of economic advisors. captioning sponsored by rose communications captioned by media access group at wgbh access.wgbh.org >>> the following kqed production was produced in high definition. ♪ >>> calories, calories, calories! >> wow, it rocked my world! >> it just kind of reminded me of boot camp. >> i don't know what you had, but this is great! >> it almost f >> hi! i'm leslie sbrocco, welcome to "check, please! bay area," the show where regular bay area
they basically don't solve the deficit. you did that once. an excellent idea. give people a spreadsheet. >> thank you, yes. >> pull these and see. >> if you tell them and give them restrictions you say well you can't just leave taxes where they are and you can't cut taxes you have to do a mix then people do -- i agree there's a huge role for education and information in all of this. >> rose: the e book as i said by david is called washington can solve the deficit and...
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>> in principle, people understand it's going to take a lot to fix the deficit. but all of those steps sound very harmful to people at a point when they're feeling stressed already. >> suzanne: dimock says americans polled are evenly split over whether the government should stimulate the economy or cut the deficit. google, aol, amazon.com... they're all companies we might never have known if someone hadn't taken a gamble. those someones are venture capitalists, the money people behind startups. tonight's commentator says the money man's role is shifting. he's harry lin, c.e.o. of tahz.com, a technology startup in san diego. >> we've now marked more than two years since the start of the great recession. personally, i mark the start as september 2008-- specifically, the day that lehman brothers collapsed. at the time, i was c.e.o. of a new internet startup in los angeles, and we'd just signed a term sheet for our first round of financing with a venture capital firm. the morning that lehman imploded, a partner at the v.c. firm called me to tell me that they were bac
>> in principle, people understand it's going to take a lot to fix the deficit. but all of those steps sound very harmful to people at a point when they're feeling stressed already. >> suzanne: dimock says americans polled are evenly split over whether the government should stimulate the economy or cut the deficit. google, aol, amazon.com... they're all companies we might never have known if someone hadn't taken a gamble. those someones are venture capitalists, the money people...
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reduction held a public hearing today on the history and drivers of the deficit. the star witness gently suggested that was not really the issue confronting the so-called "super committee." >> i think, really, the fundamental question for you is not how we got here, but where you want the country to go. >> reporter: douglas elmendorf, the director of the congressional budget office, said the deficit problem really comes down to what role the federal government should play in the economy. >> and if you want a roll that has benefit programs like the ones we've had in the past and operates the government like the ones we've had in the past, then more tax revenue is needed than under current tax rates. and the other hand, if one wants those tax rates, then one has to make very significant changes in spending programs for older americans or other aspects. >> reporter: members of the committee largely seemed locked in the same debates they have been having for the last nine months. republicans pushing to cut spending... >> a path to credible deficit reduction is a jobs
reduction held a public hearing today on the history and drivers of the deficit. the star witness gently suggested that was not really the issue confronting the so-called "super committee." >> i think, really, the fundamental question for you is not how we got here, but where you want the country to go. >> reporter: douglas elmendorf, the director of the congressional budget office, said the deficit problem really comes down to what role the federal government should play...
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the second issue in which you go deep is deficit. again, i don't get this because there are people everywhere saying it cannot let these republicans pull you into a debate about deficit reduction. now is not the time. the economy cannot handle it. our system economically is too fragile. how did that happen? >> it really happens for a couple of reasons. i think you have to start with the president himself. i tell a story in the book, november 2009, late in the first year. two of his aides, the congressional liaison, and peter orszag, the budget director, have this idea that they develop a plan for basically ending not just the upper-income bush tax cuts, but basically all the bush tax cuts. it was a little bit convoluted but basically that was the gist of the plan. that was the way you were really going to balance the budget. it is hard to do it in the other way. the other effect, according to the plan, would require if you wanted to continue the tax cuts, you have to offset them with other revenue or other spending cuts. the thought
the second issue in which you go deep is deficit. again, i don't get this because there are people everywhere saying it cannot let these republicans pull you into a debate about deficit reduction. now is not the time. the economy cannot handle it. our system economically is too fragile. how did that happen? >> it really happens for a couple of reasons. i think you have to start with the president himself. i tell a story in the book, november 2009, late in the first year. two of his aides,...
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people who drove up the deficit. by running towards on a credit card and a prescription drug benefit and cutting taxes. i do not think there is in the nation in human history that has gone to war and cut taxes at the same time. that is a big contributor, the biggest contributor, for why we are in the situation we are encouraged when the president talks about a plan, which is about investing in education and job creation and health care. those are the kinds of things that move the economy. affirm our vision of the kind of country we want. the deficit reduction has to be a part of that, including by contributions from the most fortunate and the country. tavis: one last question about others. one of your predecessors announced earlier this week that he has exploratory committee formed now to run for president. your thoughts about the former governor of massachusetts saying that he is gonna run again? >> i do not know him well. he is a good man. he was very responsible and responsive in the transition. we certainly do no
people who drove up the deficit. by running towards on a credit card and a prescription drug benefit and cutting taxes. i do not think there is in the nation in human history that has gone to war and cut taxes at the same time. that is a big contributor, the biggest contributor, for why we are in the situation we are encouraged when the president talks about a plan, which is about investing in education and job creation and health care. those are the kinds of things that move the economy....